On Brexit, we have updated the pages to include the impact of Brexit on superyachts in relation to matters of employment, tax and the enforceability of English law judgements and English arbitration awards in the European Union. On insurance matters, in a market that has come under a great deal of pressure because of a spike in claims we look at how the market has responded. In May 2019 the sailing superyacht My Song was lost overboard on a transit from Palma to Genoa and therefore we examine the issue of superyachts as cargo when being transported. Finally, The Guide to Superyacht Law has been refreshed and expanded to reflect the latest developments in case law and best practice, as always, the latter gleaned from our continued position front and centre of the superyacht industry. We will continue to bring to you updates not only with this publication but also on our micro website thesuperyachtlawfirm.com and our Clydecast Superyacht Podcasts .
If a week is considered to be a long time in politics, the almost three years since the publication of the fifth edition of The Guide to Superyacht Law must be considered to be an eternity in the legal world. When we were first contemplating this sixth edition of The Guide we had in mind a publication that would be focused on the consequences of Brexit. The global pandemic caused by COVID-19 has changed how we do business and possibly increased the appetite of ultra-high net worth individuals to own or charter superyachts. Our fourth and fifth editions of The Guide were written in the maelstrom caused by the publication of both the Panama Papers and the Paradise Papers. Both these events have substantially changed people’s appetite for the acceptability of hidden wealth and tax avoidance and perhaps framed the moves by the European Commission to end aggressive tax benefits afforded to superyacht owners. There have been some very high-profile seizures of yachts in the last three years, most famously and, as a consequence of the 1MBD scandal, the seizure and eventual sale at auction of the yacht Equanimity . Consequently, we have updated the pages on tax and added new language relating to transparency, and in particular Know Your Client rules.
Clyde & Co the superyacht law firm
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